The two leaders have signed a series of pacts with the aim of increasing bilateral trade to $100 billion by 2030

Russian President Vladimir Putin's India and Indian Prime Minister Narendra Modi have laid the groundwork for boosting the economic partnership between the traditional allies, with the countries signing a series of pacts to boost bilateral trade to $100 billion by 2030.

After summit-level talks on Friday, Russia and India signed a dozen memoranda spanning infrastructure, energy, pharma and media sectors.

"Under PM Modi's leadership, India is pursuing independent sovereign policy and it attains great results in the economy," Putin said, adding that Russia is seeking "multifaceted relations" with India in various sectors.

"It is a matter of happiness that my acquaintance with you is more than 25 years old," Modi told Putin.

Modi added that the biggest strength between India and Russia "is mutual trust."

"It gives us wings to accomplish what we wish," he said.

The Indian leader also said that he was confident that the countries could meet their trade target before 2030.

Russia pledged to ensure uninterrupted energy supplies to India.

Moscow will tap into New Delhi's expertise by establishing a major pharmaceutical plant in Russia's Kaluga Region in collaboration with India, Putin announced. The facility will produce high-quality anti-cancer drugs.

India is known as the pharmacy of the world. The South Asian nation makes 60% of the world's vaccines, supplies over 20% of global generic medicines, and accounts for 60% of Africa's generics.

In New Delhi, Putin officially launched RT India which "gives millions of Indian citizens the opportunity to know more about the reality of Russia," he said.

READ MORE: Putin's India visit a 'powerful impetus' for economic cooperation - minister to RT (VIDEO)

The strength of personal relations between the two leaders has been evident throughout the 2-day visit, starting with Modi's remarkable welcome for Putin on the red carpet and their brief drive in a Toyota SUV.

Here's the entire trip as it happened.